Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  MatlinPatterson FA Acquisition LLC
 2. Date of Event Requiring Statement (Month/Day/Year)
09/21/2007		 3. Issuer Name and Ticker or Trading Symbol
FIRST ALBANY COMPANIES INC [FACT]
(Last)
(First)
(Middle)
C/O MATLINPATTERSON GLOBAL ADVISERS LLC, 520 MADISON AVENUE		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

NEW YORK, NY 10022		 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock, par value $0.01 per share 37,909,383
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
MatlinPatterson FA Acquisition LLC
C/O MATLINPATTERSON GLOBAL ADVISERS LLC
520 MADISON AVENUE
NEW YORK, NY 10022		     X    
MATLINPATTERSON LLC

 		     X    
MATLINPATTERSON ASSET MANAGEMENT LLC

 		     X    
MATLINPATTERSON GLOBAL ADVISERS LLC

 		     X    
MatlinPatterson Global Partners II LLC
520 MADISON AVENUE
35TH FL
NEW YORK, NY 10022		     X    
MatlinPatterson Global Opportunities Partners II L.P.
520 MADISON AVENUE
35TH FLOOR
NEW YORK, NY 10022		     X    
MatlinPatterson Global Opportunities Partners (Cayman) II L.P.
520 MADISON AVENUE
35TH
NEW YORK, NY 10022		     X    
MATLIN DAVID J

 		     X    

Signatures

MATLINPATTERSON FA ACQUISITION LLC By: /s/ Mark R. Patterson 10/01/2007
**Signature of Reporting Person Date
MATLINPATTERSON LLC By: /s/ Mark R. Patterson 10/01/2007
**Signature of Reporting Person Date
MATLINPATTERSON ASSET MANAGEMENT LLC By: /s/ Mark R. Patterson 10/01/2007
**Signature of Reporting Person Date
MATLINPATTERSON GLOBAL ADVISERS LLC By: /s/ Mark R. Patterson 10/01/2007
**Signature of Reporting Person Date
MATLINPATTERSON GLOBAL PARTNERS II LLC By: /s/ Mark R. Patterson 10/01/2007
**Signature of Reporting Person Date
MATLINPATTERSON GLOBAL OPPORTUNITIES PARTNERS II L.P. By: /s/ Mark R. Patterson 10/01/2007
**Signature of Reporting Person Date
MATLINPATTERSON GLOBAL OPPORTUNITIES PARTNERS (Cayman) II L.P. By: /s/ Mark R. Patterson 10/01/2007
**Signature of Reporting Person Date
/s/ DAVID J. MATLIN 10/01/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
 
Remarks:
See Exhibit 99.1

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